Quicken Family Enterprise

Question

I am considering Quicken Family Enterprise.  I manage assets for my grown son and daughter and I have a property that I want to separate.  I use Quicken Premier desktop.  If I want them to be able to see their assets online do I need to switch to Family Enterprise web or can I do that with Family Enterprise desktop?

NotACPA · Answer

I was reading up re: Family Enterprise (I don't use it) and it does seem that you could create multiple "Entities" (as QFE calls them), one per child and restrict a child's access to only their own Entity.  Furthermore, you could give the child the ability to view only, or view and edit.

And while the child would need a Quicken ID, they wouldn't need the desktop  product.  From their perspective, everything would be in the cloud.

What I didn't see (either didn't exist, or didn't run across) is whether more than one person can access the cloud account at the same time.

Also, there are a GREAT MANY issues reported here with changes made by QWeb or QMobile to a Q Cloud account causing problems when downloaded to Q Desktop.  As a result, I'd be a bit wary of the QFE cloud until more is reported about it.

SO, my recommendation would be to go with @Boatnmaniac's suggestions.

dpags · Answer

Thanks.  They do file their own taxes and I do have them in separate databases.  I was looking for a way for them to see their stuff and maybe start to enter their own data but allow me to watch and fix things.

NotACPA · Answer

@dpags There's another thing to consider.  If your children file their own tax returns, then there info should be separated from yours in order to keep tax reporting and planning separated.

With everything commingled, it gets messy.

And if the current ownership of the lake house is solely yours (and perhaps, any spouse), it should be in your Q data file.  Just as any other assets that the kids will eventually inherit (cash? securities?) are in your file.